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it started to close its three fire stations on a rotating basis to close a $387,000 budget deficit. >>> it's another first tied to the catholic church abuse scandal. the archbishop of los angeles ordered roger mahony to stop performing any public church duties because of his connections to that scandal. this game after the archdiocese released private files of priests suspected of molesting children. the decision on this came yesterday after years of lawsuits and very emotional legal battles. it has support of the nearly 4 million catholics. >> i think it's good that the information is coming out. >> yes. secrecy is what keeps the abuse going. >> back in 2007, the archdiocese was involved in a record-breaking civil settlement in the church scandal. it reached a $660 million settlement with more than 500 victims of child molestation. >>> a traffic safety program for children in the san ramon valley is kicking off its 9th year. street smarts was started by bob and carmen after their two children were killed by an impaired driver in 2003. the goal of streets smart is to educate drivers,
it started to close its three fire stations on a rotating basis to close a $387,000 budget deficit. >>> it's another first tied to the catholic church abuse scandal. the archbishop of los angeles ordered roger mahony to stop performing any public church duties because of his connections to that scandal. this game after the archdiocese released private files of priests suspected of molesting children. the decision on this came yesterday after years of lawsuits and very emotional legal...
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Feb 6, 2013
02/13
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the good news is the deficit is about half of what it was in 2009. deficit is the difference between what the government has and what it sapends. the deficit is only about $800 billion or $2500 for every single person in america. >> right. >> only. >> key word there. >> feels better to say only. 5:55. starting tomorrow we'll blame it on the rain. >> don't even think about washing your car. mother nature will put ta shine on naturally come tomorrow morning. this morning, we have chilly conditions out there. 39 degrees for instance in concord. 35 in santa rosa and 41 degrees in san mateo. headed to the 60s with sunshine this afternoon. 60 degrees inland and bay side. 59 degrees. at the coast, 58 degrees. your full forecast, the timing of the potent system on the way first we want to look at the drive. that's getting busy. good morning, mike. >> good morning. we are getting much more traffic flow on the san mateo bridge. the tail lights away from us are the commute direction. hayward to the peninsula side. there is increasing volume. we'll look at the m
the good news is the deficit is about half of what it was in 2009. deficit is the difference between what the government has and what it sapends. the deficit is only about $800 billion or $2500 for every single person in america. >> right. >> only. >> key word there. >> feels better to say only. 5:55. starting tomorrow we'll blame it on the rain. >> don't even think about washing your car. mother nature will put ta shine on naturally come tomorrow morning. this...
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Feb 9, 2013
02/13
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. >> the president wants lawmakers to find a balanced approach to deficit reduck. he said he wants sensible changes and reforms to the tax code. the sequester could cost jobs in education and security. funding forehead start, medical research and small businesses would be cut. >> we are learning more about the president's state of the union address set for next tuesday night. themes include job creation, immigration reform, trimming the 16 trillon dollar debt and gun violence. survivors of the connecticut shooting will attend. nancy pelosi has, invited a student from another school. >>> the first lady will attend the funeral of a chicago honor student today. police say that the 15-year-old was shot last month in a park about a mile away from the obama's chicago home. investigators say she was not the intended target. just a week before she preformed with her band at the inauguration. an event that she called a highlight of her life. no arrests have been made. >> a chance to own a piece of the nosema the niners in santa clara how you can make a lasting impression an
. >> the president wants lawmakers to find a balanced approach to deficit reduck. he said he wants sensible changes and reforms to the tax code. the sequester could cost jobs in education and security. funding forehead start, medical research and small businesses would be cut. >> we are learning more about the president's state of the union address set for next tuesday night. themes include job creation, immigration reform, trimming the 16 trillon dollar debt and gun violence....
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Feb 2, 2013
02/13
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morning the president once again called on congress to work together on a balanced approach to reduce the deficit and promote economic growth. he said businesses created 2.2 million jobs last year. he suggests economic reforms including reducing the cost of health care programs like medicare and closing loopholes in the tax code. >>> this is the first time in five-year that the dow closed above 14,000. it had dropped as low as 6600 in 2009, increased consumer confidence, manufacturing and auto sales are credited for the surge. >> we are moving in the right direction compared to a lot of other countries we are in a good position. >> the economy has improved. you can put the money in the bank but you earn no interest. >> economists say many prefer american investments because the european markets struggling and many consider china as over valued. however others add that just because wall street is up doesn't necessarily mean that the average american is better off, more than 12 million are still looking for jobs. >> hundreds of people in northern california are looking for new jobs as massive layof
morning the president once again called on congress to work together on a balanced approach to reduce the deficit and promote economic growth. he said businesses created 2.2 million jobs last year. he suggests economic reforms including reducing the cost of health care programs like medicare and closing loopholes in the tax code. >>> this is the first time in five-year that the dow closed above 14,000. it had dropped as low as 6600 in 2009, increased consumer confidence, manufacturing...
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Feb 4, 2013
02/13
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we need it at this point we're starting to run a deficit in terms of your average total. we'll be on top of that for you. mike is all over your morning drive. >> good morning. deficit in the number of cars on the road. we don't mind that. keeps things moving smoothly. picking up volume now. a new crash just behind that 87 here north 101 at 87. a report of a crash there. sounds like everything is out of the lanes. i'll track that for the south bay. no big whoop as far as northbound commute direction or southbound for that matter. over here, a little build for your folks coming out of the altamont pass. holding steady and clearing as far as slowing in toward the dublin interchange. there is your commute route. no slowing again except for a minor buildup. you have to slow for the bend. we'll take folks over to the san mateo bridge and point out a couple things. smoother drive but a few more cars and they disappear as low clouds and fog make the high-rise view disappear here. on the foster city side, peninsula, look at this. i can't see the folks coming off the bridge. i can
we need it at this point we're starting to run a deficit in terms of your average total. we'll be on top of that for you. mike is all over your morning drive. >> good morning. deficit in the number of cars on the road. we don't mind that. keeps things moving smoothly. picking up volume now. a new crash just behind that 87 here north 101 at 87. a report of a crash there. sounds like everything is out of the lanes. i'll track that for the south bay. no big whoop as far as northbound commute...
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Feb 8, 2013
02/13
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today we'll get more data on the economic front on the trade deficit and wholesale trade. the dow losing 42 points to 13,944. looks to be down for the week. nasdaq slipped to 3165. the irs is cracking down on criminals who use stolen identities to seek thousands of dollars in tax refunds. the agency says a january sweep of 32 states and puerto rico found nearly 400 identity theft suspects including more than 100 that were arrested. the number of investigations tripled last year centering on high-risk cities such as san francisco, l.a., new york and miami. the irs says it is investigating in-house filters that were what helped prevent $20 billion in would-be fraudulent tax refunds last year. big problem these days. big problem for health care. some people use your number to go get health care and then you're stuck with the bill. you have to be very careful about your data. back to you. >> big problem and big dollars. 20 billion in fraud. we'll keep our eye on that one. thank you very much. >>> keeping an eye on the forecast. our cold and wet weather to the start of the week
today we'll get more data on the economic front on the trade deficit and wholesale trade. the dow losing 42 points to 13,944. looks to be down for the week. nasdaq slipped to 3165. the irs is cracking down on criminals who use stolen identities to seek thousands of dollars in tax refunds. the agency says a january sweep of 32 states and puerto rico found nearly 400 identity theft suspects including more than 100 that were arrested. the number of investigations tripled last year centering on...
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including restoring 10 percent pay cuts they accepted to help limit layoffs during the record budget deficits. city leaders indicate they would support modest raises but the police officers association argues bigger raises are needed to keep officers from leaving. the union has called for opening negotiations to be public. >> trading is underway on wall street. here is a live look at the big board with the dow down 44 points and we are under the 14,000 mark. we will go to jane king at the new york stock exchange but, first, developing news, a triple murder in a north bay home. what is happening tomorrow at the crime scene. >> novato, oakland, sunnyvale, and all bay area. this is abc7 news. >> it is time to take a look at snow pack. it is not good news. 82 percent of statewide percentage of normal so we should have more than this just to this date not including what we are supposed to get the rest of the month and all of march before the season helps april 1. radar shows it is dry across the state. we have temperatures in the upper 50's and low 60's with sunshine through the vietnam and same f
including restoring 10 percent pay cuts they accepted to help limit layoffs during the record budget deficits. city leaders indicate they would support modest raises but the police officers association argues bigger raises are needed to keep officers from leaving. the union has called for opening negotiations to be public. >> trading is underway on wall street. here is a live look at the big board with the dow down 44 points and we are under the 14,000 mark. we will go to jane king at the...
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Feb 4, 2013
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. >> reporter: at one point they led 28-6 and no team ever came back from more than a 10 point deficit to win the super bowl but the 49ers roared back in the second half and the thrilling rally ended five yards short less than two minutes to go and look at this play, right there, ravens won 34-31. >>> oh, yeah, last night fireworks lit up the sky in many parts of san francisco, a lot of 49ers fans wanted to celebrate another 49ers win but after that tough loss, a lot of fans decided to celebrate, it is just a fantastic season for the 49ers and they are already looking forward to next year. >>> well, thousands of 49ers fans packed san francisco bars to watch the game but police say there were some arrests after being mostly peaceful. alex is here to talk about crowd control effort. >> reporter: they did not use their disappointment to cause problems, only a handful of issues for police who were out in force prepared for potentially rowdy crowds and they were focused on hot spots and that includes here in the mission district where we have not seen much in the way of police activity, mos
. >> reporter: at one point they led 28-6 and no team ever came back from more than a 10 point deficit to win the super bowl but the 49ers roared back in the second half and the thrilling rally ended five yards short less than two minutes to go and look at this play, right there, ravens won 34-31. >>> oh, yeah, last night fireworks lit up the sky in many parts of san francisco, a lot of 49ers fans wanted to celebrate another 49ers win but after that tough loss, a lot of fans...
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Feb 9, 2013
02/13
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based on current law which showed much smaller deficits. long-term rates are higher in than we had in this country and that also reflects the higher amount of debt, federal debt relative to g.d.p. than we have had over the past several decades. >> "washington post.? -- "washington post." thinking about how we should view the budget battles over the last two years. we are stabilizing debt at a much higher level. to what extent is that a result of decisions that were made by lawmakers and to what extent that is the underlying recovery in the economy? >> both factors and we have not tried to quantify them. one can look at our projections over the past several years and basically add up each successive revision, so every time we release new budget projections, we report the revisions and we divide them into the effects of economic forecasts and changes to other technical revisions. if one stacked all those up, one can get a sense about how much the debt has changed or the deficit has changed for any given year relative to any particular path pr
based on current law which showed much smaller deficits. long-term rates are higher in than we had in this country and that also reflects the higher amount of debt, federal debt relative to g.d.p. than we have had over the past several decades. >> "washington post.? -- "washington post." thinking about how we should view the budget battles over the last two years. we are stabilizing debt at a much higher level. to what extent is that a result of decisions that were made by...
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Feb 8, 2013
02/13
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trade deficit sank nearly 21% in december to $38.5 billion. that is the biggest drop in four years. analysts expected it to drop but not by that much. >>> the wall street journal reports u.s. airways and american airlines could announce a merger as early as tuesday. some are scheduled to meet on monday and the boards could meet later that same day. analysts say both airlines would benefit since they have few over lapping roots. >>> time now 5:52. court arguments over a bay area suicide. how first responders are defending themselves. >>> a new day a new tattoo for 49er star quarterback colin kaepernick. what he says the design represents. >>> a few showers around. partly cloudy and a cool breezy day. highs in the low 50s. >>> a judge may decide today if a family of a drowning man can sue the city of alameda. this incident happened memorial day 2011. it made nation-wide news. raymond zach died on a beach in alameda as rescuers watched him on shore. they could not help the man because they were not certified in water rescues. they call it a tragic situation but they.edu not have the le
trade deficit sank nearly 21% in december to $38.5 billion. that is the biggest drop in four years. analysts expected it to drop but not by that much. >>> the wall street journal reports u.s. airways and american airlines could announce a merger as early as tuesday. some are scheduled to meet on monday and the boards could meet later that same day. analysts say both airlines would benefit since they have few over lapping roots. >>> time now 5:52. court arguments over a bay...
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the first of less than $1 trillion annual deficits continue to shrink when they begin increasing deficits but in the next 10 years they will add almost $7 trillion to the national debt and 76 trillion by 20203. the national debt compared to the economy stabilizes and climbs much higher in the future. the director of the cbo says the primary culprit is health care spending. >> we still see substantial growth of health care spending over the 10 years and beyond. because of the number of people who will be eligible for medicare will be rising sharply. gerri: they expect gdp to rise this year and next year an average of 3.6% after that and then slowing. cbo expects unemployment average 8% this year and seven points six% next year that is the first time that has happened in 70 years. with the recent tax increases and spending cuts the cbo says it will cost 1.2 5% percentage points of gdp but with deficits reduce it boost growth and employment in the future. gerri: while the cbo war and gas the president tried to put the squeeze on congress to pass small spending cuts and pass more tax hikes. w
the first of less than $1 trillion annual deficits continue to shrink when they begin increasing deficits but in the next 10 years they will add almost $7 trillion to the national debt and 76 trillion by 20203. the national debt compared to the economy stabilizes and climbs much higher in the future. the director of the cbo says the primary culprit is health care spending. >> we still see substantial growth of health care spending over the 10 years and beyond. because of the number of...
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Feb 4, 2013
02/13
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. - 3 the steps lawmakers are takkng to reduce thh deficit and promote econooic growth.. 3 just days after news thht the economy as shrunk slightly in the fourth uarter of 2012, presidenn obama says the recovvry issshowwng signn & of growth. the president sat down with c-b-s' scott pelley forrannexccusive innerview aheaddof the superr -3 bowl.marianne rafferty hassmore. 3 ooama says: "housing is 3 going strong, car sales are uu. the truth is overall here were a lottof ositive signs eeonomy is taking a step forward, but some economisss say ii's on a slow path. -3 some say one offthe things polding up progress is folkss in washinggon. president obama is ccaling on lawmakers toowork together on a balanced approach to reduce the deficit and promote economii growth. but continued gridlock may pmpact a deal.dowd: republicans are unwilling to let's ddficit spend in order 3&&pare unwilliig to address -3 government ssending, so they -3 deficit spend, both sides, wwich iswhy the country does not rust washington. -& while thh wwite house and 3 fiscal cciff, the eal alss deferred auuomaticcspend
. - 3 the steps lawmakers are takkng to reduce thh deficit and promote econooic growth.. 3 just days after news thht the economy as shrunk slightly in the fourth uarter of 2012, presidenn obama says the recovvry issshowwng signn & of growth. the president sat down with c-b-s' scott pelley forrannexccusive innerview aheaddof the superr -3 bowl.marianne rafferty hassmore. 3 ooama says: "housing is 3 going strong, car sales are uu. the truth is overall here were a lottof ositive signs...
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Feb 8, 2013
02/13
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this after a report showed the united states trade deficit narrowed sharply in december. stocks are also boosted by strong earnings reports. the dow up 62. the nasdaq is up 26. >>> the united states justice department is considering a lawsuit against moody's for defrauding investors. it's sources say the government could wait until that has worked its way through the courts before taking action against moody. both services accused of inflating the ratings of some mortgage bonds to drive business leading to the subprime meltdown. >> will -- the gains are look for another sweep. pam cook is in studio now with what goes on outside the ballpark. >> reporter: that's right. the giants are asking you to join the team in another big sweep. >> the giants have won it all. playing off the sweep in the world serious they are teaming up with public works to clean up the streets of san francisco. san francisco has been voted one of the dirtiest cities in the country and if you have been there recently or live there you know there is a lot of trash on the streets. the mayor is revealing
this after a report showed the united states trade deficit narrowed sharply in december. stocks are also boosted by strong earnings reports. the dow up 62. the nasdaq is up 26. >>> the united states justice department is considering a lawsuit against moody's for defrauding investors. it's sources say the government could wait until that has worked its way through the courts before taking action against moody. both services accused of inflating the ratings of some mortgage bonds to...
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Feb 4, 2013
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no team has ever come back from a 10-point deficit to win the super bowl. but the 9ers came roaring back. you can sea the kaepernicking ner -- you can see the kaepernicking back. the ravens ended up winning, 34- 31. the super bowl crowds around san francisco were relatively calm but san francisco police still made some arrests, 25 people were arrested for public intoxication, one person was arrested for trying to start a fire. police say things got out of hand at 24th and hampshire when people through bottles but no one was hurt. there were concerns there would be a repeat of the violence and vandalism like after the world series but for the most part crowds made their way home peacefully. >>> a different story in baltimore. not surprisingly there was a big celebration for ravens' fans. this is what it looked like after the ravens won. you can see the streets in baltimore filled with excited people. police had to shut down traffic when fans try to tip some cars over. >>> well, the super bowl was stopped for 34 minutes when the lights went out. it happened j
no team has ever come back from a 10-point deficit to win the super bowl. but the 9ers came roaring back. you can sea the kaepernicking ner -- you can see the kaepernicking back. the ravens ended up winning, 34- 31. the super bowl crowds around san francisco were relatively calm but san francisco police still made some arrests, 25 people were arrested for public intoxication, one person was arrested for trying to start a fire. police say things got out of hand at 24th and hampshire when people...
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annual deficit deficit continueo shrink until 2017 when interest in health care costs increase deficits. in the next 10 years the u.s. will add almost $7 trillion to the national debt and totaled $26 trillion by 2023. while the national debt compared to the size of the economy stabilizes over the next decade, climbs much higher in the future. the director says the primary culprit, health care spending. >> we still see substantial growth in federal health care spending over the coming 10 years and beyond. that is importantly because the number of people who will be eligible for medicare will be rising very sharply. >> as the economic forecast, expecting gdp to expand 1.4% this year, 3.4% next year, average 3.6% to four years after that and slowing beyond there. expecting unemployment to average 8% this year and 7.6% next year, marking six straight years above $0.7.5, first time that has happened in 70 years. the recent tax increases and spending cuts on the economy, the office says they will cost one and a quarter percentage point to gdp and one half to 2 million jobs this year though wi
annual deficit deficit continueo shrink until 2017 when interest in health care costs increase deficits. in the next 10 years the u.s. will add almost $7 trillion to the national debt and totaled $26 trillion by 2023. while the national debt compared to the size of the economy stabilizes over the next decade, climbs much higher in the future. the director says the primary culprit, health care spending. >> we still see substantial growth in federal health care spending over the coming 10...
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02/13
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>> i think our deficit will good up. that's going to cut a big hole in our economy so tax revenues will dry up. i think our economy is very delicate right now. businesses are tired of the uncertainty. if the president keeps talking tax increases, i'm worried about what that that will de. >> the president elect of the heritage foundation. >> with the nation's debt mounting, new fears america's credit rate could go be slashed again. and now this. attorney general eric holder announcing a lawsuit against standard & poors. the suit, which seeks $5 billion in damages, claims s&p's high rating on risky mortgage investments brought the financial system to the brink of collapse. why just s&p? why not other rating agencies? no. it is just s&p. the same firm that had the temerity to downgrade our debt. critics crying foul, claiming the move is nothing more than political retallation. is it? we're on it with fox news legal analyst mercedes and fox business net wish are melissa mercedes, you first. do you think this is political pay
>> i think our deficit will good up. that's going to cut a big hole in our economy so tax revenues will dry up. i think our economy is very delicate right now. businesses are tired of the uncertainty. if the president keeps talking tax increases, i'm worried about what that that will de. >> the president elect of the heritage foundation. >> with the nation's debt mounting, new fears america's credit rate could go be slashed again. and now this. attorney general eric holder...
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that shortfall is called the deficit. when you add together all the annual deficits and the interest on them, you get the national debt. today that stands at $16.4 trillion and a whole lot of change. that comes out to $52,000 for every american man, woman, and child. economists agree the best way to bring down that number is to grow the economy. that means more tax revenue coming in and fewer people relying on the social safety net. new numbers show the economy isn't growing. the economy is shrinking. america's gdp fell by an annual rate of 0.1% in the last quarter of last year. the last time that hand was during the recession. economics professor and unapologetic liberal paul krugman says the u.s. needs to wait for economic growth come back before even thinking about spending cuts. >> the power of the household analogy is very strong. remember, we all -- the liberal leeng congress made fun of boehner when he said families have to tighten their belts, the government does, too. that's stupid. three months later, obama was
that shortfall is called the deficit. when you add together all the annual deficits and the interest on them, you get the national debt. today that stands at $16.4 trillion and a whole lot of change. that comes out to $52,000 for every american man, woman, and child. economists agree the best way to bring down that number is to grow the economy. that means more tax revenue coming in and fewer people relying on the social safety net. new numbers show the economy isn't growing. the economy is...
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Feb 5, 2013
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saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and deficits will be larger, the cbo says, if current laws were modified and rising health care cost and increased federal health care subsidies, spending cuts and higher taxes with offset deficit increases long-term says the cbo. over and over again this report talks about those short-term budget decisions on the horizon including march 1st, the automatic spending reductions, sequester. what does congress and the white house do about the expiring continuing resolution in late march, funding for the operations of government and, divorce, the next round of the debt limit debate due to h
saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and...
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was taken to a local hospital to be checked-- since he suffers from asperger's syndrome and attention deficit disorder. there is no word on exactly how the 65 year-old gunman died. >> a former navy seal sniper was one of two men killed at a shooting in a remote gun range in texas on saturday. chris kyle --known for his record number of kills as a sniper was shot and killed at a gun range in texas. veteran chad littlefield was also shot and killed. police say. eddie ray routh. admitted to shooting both men. after a short chase. police arrested routh. routh spent four years in the marines and was unemployed at the time of the shooting. investigators are still trying to figure out a motive. >> meantime. gun control returns to the spotlight. as president obama hits the road. trying to sell his plan to reduce gun violence in america. grant lodes is follwing this story. and tells us how the president is pushing his cause. grant? >> it almost seemed like mister obama was back on the campaign trail today. he flew to minneapolis.meeting with local government and law enforcement leaders. then the presi
was taken to a local hospital to be checked-- since he suffers from asperger's syndrome and attention deficit disorder. there is no word on exactly how the 65 year-old gunman died. >> a former navy seal sniper was one of two men killed at a shooting in a remote gun range in texas on saturday. chris kyle --known for his record number of kills as a sniper was shot and killed at a gun range in texas. veteran chad littlefield was also shot and killed. police say. eddie ray routh. admitted to...
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Feb 8, 2013
02/13
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in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over entirely. if you extrapolate a 5% or 6% return we've had so far this year, we'll have one of the greatest stock markets of all time in the face of, you know, good earnings but not great earnings, in the face of still slow growth. i think that's a little unrealistic so we'll probably get a little bit of a pullback, unusual if we didn't. still recommending a substantial allocation to equities. this year looks like last year, political uncertainty. last year was a good year for stocks. as for stocks versus bonds, i've been thinking it was the end of a 30-year bull market in bonds for the past three years. by the sa
in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over...
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the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in context of the history of this president and fiscal issues. does not pose for the budget. the senate has not passed one commend the president of the united states said this back in 2011. november 41st. already, he said, some in congress are trying to undo these automatic spending cuts, much like he did today at 115 eastern time. my message to them back in 2011, no, i will be there through any effort to get rid of automatic spending cuts to domestic and defense spending said the break president at that point. your reaction? >> that was president obama circa 2011. candid obama in a debate set s
the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in...
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so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the w he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the honor, but i'm only a chairman today. the gentleman is rognized. mr. hoyer: we wish you the best for the future. the chair: thank you. mr. van hollen, may i ask for how long he was recognized? mr. van hollen: i yield four minutes. the chair: the gentleman from maryland is recognized. mr. hoyer: i thank the gentleman for yielding. mr. price of georgia said what the american people want. what the american people don't want is games. this is a game. this is a sham. this is a shame. what the american people want is honest legislatio
so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the w he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the...
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Feb 6, 2013
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it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23 million people that have health insurance that didn't have it before. it's not free. it comes at the cost. everyone understood it came as a cost. it was paid for in part by tax increases and cuts in other government health care spending. it was not all on the revenue side. the other thing that is important for the congressional budget office said it reduced the it in the first decade, which is what they look at if you look in the the second decade, we think it will reduce the deficit even more. i think they were in fact giving credit and thinking it would slow the growth rates of some of the health care spe
it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23...
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Feb 6, 2013
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this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not seem to be able to get your message across. i know you are frustrated. it is not a spending problem. of course it is a spending problem. we never have budgets like this, throwing money at all times of all kinds of different programs. how many more democrats talk about, i did not cheat on my wife, i only did it when her cancer was in remission. guest: the caller has raised a number of different points. one point, the overarching theme of his call was the frustration he has of republicans getting the message out. i do appreciate c-span allowing us
this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not...
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Feb 6, 2013
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it is protected and accumulated $745 billion budget deficit within the next 10 years. after adding in infrastructure needs and retiree obligation, the deficit soars to $2 billion. even if the city use the reserve fund, it would be empty in three years. we will have the mayor's response tonight at 11:00 -- tonight at 5:00 and 6:00. a scenario that is starting to feel too much like a broken record for americans. a deadline will trigger a one trillion dollars in spending cuts over the next 10 years. what this means for regular folks. >> here is what it boils down to, basically. if huge automatic spending cuts kicks in and the economy slows down, all of us will feel the impact. nearly everyone on both sides in washington would like to avoid that, the question is, how? another day, another dollar, another fiscal fight in washington. the issue now, massive spending cuts. it is called sequestration and we were not supposed to get to this point in the first place. >> this was never intended to happen, it was a proposal that was meant to spur lawmakers into action to come up wi
it is protected and accumulated $745 billion budget deficit within the next 10 years. after adding in infrastructure needs and retiree obligation, the deficit soars to $2 billion. even if the city use the reserve fund, it would be empty in three years. we will have the mayor's response tonight at 11:00 -- tonight at 5:00 and 6:00. a scenario that is starting to feel too much like a broken record for americans. a deadline will trigger a one trillion dollars in spending cuts over the next 10...
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Feb 4, 2013
02/13
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have to get on top of the deficit. that is stage one of getting on top of our debt but it is worth reminding ourselves why we're having to do this in the first place. who was it who racked up the debt? who was it that racked up the deficit? who was it that gave us the biggest deficit of any country virtually anywhere in the world? it was the government which he supported. >> if the prime minister agrees that the shortage of engineering skills is one of the greatest avoidable threats to our prosperity and security and that the participation of women in engineering is scandalously low, will he encourage his colleagues to look favorably on the provisions of my bill to ask the young people to seek technology and engineering to take up their careers. >> i will say that in the data released today, one of the encouraging signs is the number of people studying engineering and computer science has gone up quite radically frankly to raise the status of engineering, encourage engineering, are having any effect. >> the government
have to get on top of the deficit. that is stage one of getting on top of our debt but it is worth reminding ourselves why we're having to do this in the first place. who was it who racked up the debt? who was it that racked up the deficit? who was it that gave us the biggest deficit of any country virtually anywhere in the world? it was the government which he supported. >> if the prime minister agrees that the shortage of engineering skills is one of the greatest avoidable threats to...
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if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make the case we should cut spending short term to help our children down the road or ourselves depending how long you are, people poo-poo that is not like real math s that real math we saw on the bar charts? >> that is real math and the second example of that real math is what the cbo put out which says, suppose you do nothing? well, then we have a fault turf bad growth. their long-term growth rate for the u.s. has been marked down from 2 1/2% a year ago to 2.2%. and that's testimony to a staggering debt burden this economy is bearing. whether you look at it as the bad
if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make...
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Feb 9, 2013
02/13
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our state government was bogged down by a $3 billion deficit. now our housing market is on the mend. recovering faster than anywhere in america. we are adding jobs at the swiftest clip in years, nearly 23,000 in november alone. arizona ranks fifth in the nation for job growth during 2012. [applause]the kauffman index recently declared arizona the country's premier place for entrepreneurs. our budget is now balanced. we set aside $450 million in the state's rainy day fund for the next time that crisis strikes. [applause]crime and violence in arizona continues to trend downward. arizona has reduced crime by punishing criminals and not by infringing on the rights of law- abiding gun owners. [applause]our state is getting stronger. i am confident that arizona's light of opportunity will shine as bright as the arizona sun in the years to come. i understand there was a little game being played last month called where in the world is jan brewer? i heard the rumors. i was not hiking the appalachian trail. [laughter]in fact, i was humbled that the united
our state government was bogged down by a $3 billion deficit. now our housing market is on the mend. recovering faster than anywhere in america. we are adding jobs at the swiftest clip in years, nearly 23,000 in november alone. arizona ranks fifth in the nation for job growth during 2012. [applause]the kauffman index recently declared arizona the country's premier place for entrepreneurs. our budget is now balanced. we set aside $450 million in the state's rainy day fund for the next time that...
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Feb 6, 2013
02/13
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blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been under president obama. but the supposedly gigantic growth of those deficits is why congressional republicans are >>> in march 2007, some of the fine folks at morgan stanley were brainstorming via e-mail about what they wanted to call a new product they were working on. it was an investment package essentially that they would eventually go on to sell to a chinese bank. here are some of the potential product names that were suggested in this brainstorming session by a particular morgan stanley vice president. flutter fish 2007, or mike tyso
blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been...
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Feb 5, 2013
02/13
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a balanced approach has achieved more than $2.5 trillion in deficit reduction. that's more than halfway towards the $4 trillion in deficit reduction that economists and elected officials from both parties believe is required to stabilize our debt. so we've made progress. i still believe that we can finish the job with a balanced mix of spending cuts and more tax reform. the proposals that i have put forward during the fiscal cliff negotiations in discussions with speaker boehner and others, are still very much on the table. i just want to repeat, the deals that i put forward, the balanced approach of spending cuts and entitlement reform and tax reform that i put forward are still on the table. i have offered sensible reforms to medicare and other entitlements, and my health care proposals achieved the same amount of savings by the beginning of the next decade as the reforms that have been proposed by the bipartisan bowls simple son fiscal commission. these reforms radio reduce our government's bill. what's up, cameraman? come on, guys. they're breaking my flow a
a balanced approach has achieved more than $2.5 trillion in deficit reduction. that's more than halfway towards the $4 trillion in deficit reduction that economists and elected officials from both parties believe is required to stabilize our debt. so we've made progress. i still believe that we can finish the job with a balanced mix of spending cuts and more tax reform. the proposals that i have put forward during the fiscal cliff negotiations in discussions with speaker boehner and others, are...
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Feb 5, 2013
02/13
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under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next ten years u.s. debt will increase $10 trillion from a little more than 16 trillion-dollar now to more than $26 trillion in 2023. >> you can't raise enough tax to say pay for this problem. you won't grow fast enough to get rid of this problem. you ultimately have to deal with spending. >> after 2023, the debt begins to soar. >> after that it's going to grow and reach the trillion and go beyond the trillion. so at no point in the foreseeable future is the deficit going to come down to manageable level. >> noting repeatedly high debts are bad and dangerous as he put
under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next...
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we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you think about the single mom working 12 hours a day and her paycheck does not take her to the end of the month on food. what she realizes and has been a responsible mom, but realizes after she makes the decision to have her child not have an abortion is that her paycheck is not going to help her feed her infant. the women infant children program not only feeds these families, it also teaches them about nutrition and how to be healther and live healthier lives. this is important for families and the economy. we are helping people stay healthy longer and one of
we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you...
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Feb 6, 2013
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year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank you, madam chairman. i ask unanimous consent to claim time in opposition even though i am not. the chair: the gentleman is recognized. mr. van hollen: thank you, madam chairman. i think it's very useful to let everybody in the country know exactly what the debt and deficit will be on a per capita basis. we in congress can of course do the math. i think it's no problem asking the president to run that calculation as well. again, i want to emphasize the fact there is agreement on reducing the deficit. the real differences here are over how we do
year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank...
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Feb 9, 2013
02/13
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trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely boosted growth in the last three months of 2012. >> so this is a good sign that exports were a little stronger than we thought when the numbers were first estimated and that is obviously a good sign for the economy. again, the economy is obviously growing way too slowly, but at least on this note, i think it will be revised upward. energy is a now a bright spot for the u.s. economy. thanks to new fracking technology, surging domestic production cut crude oil imports last year by 227 million barrels. but that success was offset somewhat by i
trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely...
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reducing the deficit through immigration reform. how did it work? president obama held meetings today with top ceos and labor leaders. we have all the latest details. >>> plus the justice department body slammed standard & poor's alleging it defrauded investors over mortgage securities rating. is s&p cooked? john eagan, ceo of eagan jones rating company joins us exclusively to react. >>> the entire electronic industry could be turned upside down. foxconn workers in china will get the first free union vote. these guys produced 40% of the world's electronics. will this push up the price of your smartphone? you might want to embrace for impact. even when they say it's not it is always about money melissa: first let's take a look at today's market moments. stocks recovered after the worst day of the year. solid u.s. and european economic data helped put the bulls back on the track. the dow briefly climbed back above the 14,000 mark and pared session highs closing up 99 points. nasdaq and s&p 500 each gained more than 1%. >>> starting off tonight with pr
reducing the deficit through immigration reform. how did it work? president obama held meetings today with top ceos and labor leaders. we have all the latest details. >>> plus the justice department body slammed standard & poor's alleging it defrauded investors over mortgage securities rating. is s&p cooked? john eagan, ceo of eagan jones rating company joins us exclusively to react. >>> the entire electronic industry could be turned upside down. foxconn workers in...
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Feb 6, 2013
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assorted measures only in greece are deficit problem while creating jobs will help bring down the deficit by decreasing reliance on teaching net programs, increasing taxpayers in every debt to gdp ratio. job loss under sequestration would include 16,000 school teachers and aides and 20,000 head start teachers. as the american public that's what they mean by cats. we need to create education jobs by investing in teachers, modernizes goals in the first to create one in 300,000 jobs. these ideas they offered a bill in 2011 and were ultimately included in the american jobs that come which never even got a vote in the house. modernizing schools and the probing of the structure from which the balancing act we do other jobs or communities need and those are the shops are economy needs. the legislation pays for investments by including smart military cut the number for the discussion, really no discussion we'll streamliner military to meet 21st century threats. raising revenue from those who can afford to pay more, making targeted military cut, not a little at first restorer the balance deficit r
assorted measures only in greece are deficit problem while creating jobs will help bring down the deficit by decreasing reliance on teaching net programs, increasing taxpayers in every debt to gdp ratio. job loss under sequestration would include 16,000 school teachers and aides and 20,000 head start teachers. as the american public that's what they mean by cats. we need to create education jobs by investing in teachers, modernizes goals in the first to create one in 300,000 jobs. these ideas...
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Feb 5, 2013
02/13
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so you're seeing a decline in the amount of deficit. the question is are the republicans really crying wolf when they continue to talk about blowing deficits when, in fact the measures that the president and congress have taken so far have actually caused the deficit to decrease. >> well, exactly. especially the last plan where we did have a balanced approach for once. but what speaker boehner has said is that the president got his revenue, and so there is not going to be a balanced approach any more. you know, when paul ryan put his budget forward last year it wouldn't have reached balance for 20 or 30 years. so as you're talking about a balanced budget in ten years the only way from their perspective to do that is absolute draconian cuts. when they're talking about reforms, you and i are very well aware that is just code word for taking medicare and turning it into a voucher. taking medicaid and turning it into a block grant which is another way of saying a significant cut to these programs that i believe are part of what makes us a g
so you're seeing a decline in the amount of deficit. the question is are the republicans really crying wolf when they continue to talk about blowing deficits when, in fact the measures that the president and congress have taken so far have actually caused the deficit to decrease. >> well, exactly. especially the last plan where we did have a balanced approach for once. but what speaker boehner has said is that the president got his revenue, and so there is not going to be a balanced...
SFGTV2: San Francisco Government Television
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Feb 5, 2013
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the great deficit in this country is the investment deficit, the investment in people and infrastructure. there were attempts to revive it. it was a super committee proposal. i think it is a good thing the super committee failed to reach an agreement. we will see where that goes. it was not a fair deal. there was so little revenue and so much padding. -- so much cutting. someone was writing the other day that the anti-tax mania is at an all-time low. reagan was willing to raise taxes. it shows how extreme. someone said the of the grover norquist may be the most powerful person in america. the new pledge he has held canada is to. he has held candidates -- the new pledge he has held the new candidates to is keeping millions -- it has a role to play in a country rich in the land grant colleges, highways, bridges. i understand the bridge out here is about to be built. i am all for infrastructure. >> obama in a way has to be the luckiest politician. if you look at the republican lineup -- [laughter] it is like michael dukakis in an oversized tank hat. >> the idea that newt gingrich is now at
the great deficit in this country is the investment deficit, the investment in people and infrastructure. there were attempts to revive it. it was a super committee proposal. i think it is a good thing the super committee failed to reach an agreement. we will see where that goes. it was not a fair deal. there was so little revenue and so much padding. -- so much cutting. someone was writing the other day that the anti-tax mania is at an all-time low. reagan was willing to raise taxes. it shows...